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Search Results 0 to 17 of about 18 (some duplicates have been removed)
CNN
Jul 7, 2012 10:00am PDT
. slow downs in europe and asia are creating economic head winds strong enough to blow us into another recession. that's where we are today but i'm so caught up in avoiding this recession that some of you think i'm not paying enough attention to how we got here and you may be right because we've got limited time and we need solutions and right now, those solutions, many of them, lie with congress. but there are causes and there are many of them. a simple answer would be the cleanest, the most convenient, out of control deficits or stimulus. it's barack obama or george w. bush, but it's not that simple, not that satisfying. one cause however does stand out amongst many. cheap and ample credit. for years the ability of almost every working american to access more credit than they should have been able to, masked the underlying fact that lower and middle class incomes were not rising. people felt and in many cases actually were wealthier than their salaries or socioeconomic status would suggest. getting a loan and buying a house, often more house than you needed or would have expe
CNN
Jul 7, 2012 1:00pm EDT
disparity. that's the inequality debate you hear so much about these days. thank you for joining us. tough cutbacks have not worked in europe. we've got unemployment in the eurozone of more than 11%. much higher in some countries. and many argue that the solution is more government spending. the point of which is to create employment enabling consumers to spend more and continue to access credit so europe can consume its way out of this recession. what, if anything is wrong with that thesis whether in europe or america. >> the idea behind that thesis is somehow short-term spending will resolve the problems of the recession, and then we'll get back to normal growth. what i've been arguing is that there was no normal growth before the recession. it was a lot of it was fueled by spending, whether by households in the case of the united states, or by governments in the case of say greece, or by banks in the case of ireland. there was a lot of debt fueled spending which was the basis for growth. so, governments can sort of spend to substitute for a short while but you come back to the ol
CNN
Jul 14, 2012 10:00am PDT
taxpayers, the wealthiest among us should stand in the way of everyone else continuing to pay the lower tax breaks. this is a conundrum for some but not for fur i zakaria. he proposes an unusual compromise between the right and left that no one get a tax extension. i assume you don't plan to run for office. >> this is good policy, not good politics. >> why should nobody get a tax break? >> first of all, if we were to say all the bush tax cuts were to expire, it would be simply getting us back to the rates that everyone paid under bill clinton's years in office, eight years, during which the united states had record and robust growth. secondly, we do have a deficit problem. with he are spending more than we take in and this is one simple way to do it. if you let the bush tax cuts expire, the united states budget deficit goes down to basically the lowest in the industrialized world. you no longer have a deficit problem. you have a long-term problem relating to medicare and health care costs and all the things people are worried about disappear. i think the argument that the economy
CNN
Jul 1, 2012 3:00pm EDT
breakthrough. why is that important to us? totally agree with steve. you can put the positives clearly for the u.s. first as an engineering solution to our problems. unlike europe where the engineering is really difficult. second, yes, cash balances are lower but they're still high. but thirdly, we have a massive technological shock positive in terms of shale gas. all this is important. but it will not be triggered to a full extent unless we get the political side right. i hope he's right. i hope we can remove this political dysfunction. because if we don't, then the storm over europe is going to start having an even bigger impact on us. >> you have often used the expression and bill gross used the expression that the u.s. interest rates are so low because they are the cleanest dirty shirt. if you're on a trip and you have to stay an extra day, didn't bring enough shirts, you pick the cleanest one to wear again and that happens to be the u.s. shirt at the moment. one to wear again. will we be the cleanest dirty shirt if we wait until december 31st to deal with the fiscal cliff and wait
CNN
Jul 22, 2012 3:00pm EDT
commentator will cain joins us now and bill gross, founder and co-chief investment officer of pimco. the world's largest investor in bonds. bill, i'll get to you in a second. will, i have investigated the origins of your name. it turns out that will cain is gaelic for ostrich with head in sand. because you think we should do nothing. >> i don't think we should do nothing. i think the obviously of your call for action on the nis cal cliff is clear to everyone regardless of their political ideology. i don't want you to be near-sighted. because right around the corner from the fiscal cliff is another problem. in fact it is a problem exacerbated by avoiding the fiscal cliff. if i can, may i show you? >> you have a graphic? >> tlaert. from t that's right. this shows the united states debt-to-gdp ratio, this blue line extending from the green, our current situation, shows what happens to our debt-to-gdp ratio should we avoid the fiscal cliff. that is tax cuts are extended and spending cuts avoided. within 30 years we soar to 200% above gdp. if we go over the fiscal cliff -- you go those are nu
CNN
Jul 22, 2012 12:00pm PDT
economic storm i have been warning you about has now moved beyond what others can do to us. the danger now, and it is a real danger, is what we're doing to ourselves. the scorched earth partisan politics in washington could push america over a fiscal cliff and quite possibly into a recession if congress doesn't act. economists now say that the so-called fiscal cliff has now overtaken europe as the biggest threat to the u.s. economy. in other words, our home-grown storm has a bigger chance of causing a hurricane here than the actual hurricane that's blowing our way from europe. i've been berating congress on this show to pass legislation now to head off a series of tax increases and spending cuts mandated to take effect on january 1st. because congress couldn't come up with a better deal to raise the nation's debt limit last year. i am not alone in my calls. the federal reserve chairman and the international monetary fund are warning congress to act before it's too late. if you get hit by another recession, you'll join me in pointing my finger directly at the political partisansh
CNN
Jul 29, 2012 3:00pm EDT
. congress could rid us of this uncertainty right now. but why eliminate uncertainty when you can use that uncertainty to scare people into voting for you or voting against the other guy? washington won't act before the elections because members of congress would prefer to play russian roulette with the american people in order to get votes. your vote should go to a congressional candidate who is willing to put the economic good over election year politics. harvard economist is a former imf chief economist and the world's leading authority on financial crisis. krista freeland and will cain is a cnn contributor and is so wrong about the truth of this congress that i insist he comes on until i can convince him otherwise. welcome to all of you. >> bravo you for having background music to your sermon this week. i feel like we're about to land on an asteroid. save the world from doom. >> i would like to know where the asteroid is coming from. ken, we have, in my opinion, i'm calling it storms. maybe they're not asteroids, but we have two storms. the one over europe that's getting big and h
CNN
Jul 29, 2012 12:00pm PDT
>>> the storm i've been warning you about is upon us. the recovery is stalling. the u.s. economy is growing at a snail's pace. i'm ali velshi and this is "your money." >>> gross domestic product, it is the broadest measure of economic activity. it grew by only 1.5% in the second quarter. to really grow the economy and create jobs, the u.s. needs to grow twice as fast. but you already knew that. because gdp measures what you live through. two-thirds of the economy depends on spending decisions directed by you, the consumer. but because this weak recovery feels like a recession to some of you, you're pulling back on your spending and that's because the traditional paths to pros spart are still strewn with debris from the last storm. the big one, the recession. your job and the wage you bring home is the single most important way to build wealth. but despite net job growth for two straight years, job creation seems to be slowing down. earnings for middle income americans fell some 7% in the past decade. and then there are investments. your i.r.a., your 401(k), your pensions. they're a
CNN
Jul 21, 2012 1:00pm EDT
to us to what we're doing to ourselves. what we're doing, huge automatic tax increases. on january 1st next year the bush tax cuts, those expire. those tax cuts expire. also, if do you nothing, that means if nothing changes your taxes will likely go up. at the same time, medicare doctor pay will also go down. on top of those tax increases, the very same moment massive cuts to federal spending. if current law stays in place, the government must slash $1 trillion over nine years from federal spending. half of them from defense, half from nondefense departments. the bipartisan policy center says it will cost about a million jobs over two years, one million jobs over two years. not just government jobs, jobs in the private sector mshgs from contractors working with the government and they are quite frankly right now trying to figure out how to prepare those layoff notices. the economy is barely growing right now. 1.7% if you average out the first half of 2012. what we've seen and what the forecast is. the second half of 2012, 2.5%. this is a ubs forecast and some say it might be too op
CNN
Jul 21, 2012 10:00am PDT
joining us at 4:00. and then the aurora police department will also have an update at 4:00. we'll be bringing that to you live as well. much more straight ahead. right now, time for "your money." >>> i have been warning you of a coming economic storm, possibly another recession in the united states. now some of you don't believe me. but now you will. this is "your money." the economic storm i've been warning you about has now moved beyond what others can do to us. the danger now, it is a real danger, is what we're doing to ourselves. the scorched earth partisan politics in washington could push america over a fiscal cliff and quite possibly into a recession if congress doesn't act. economists now say that the so-called fiscal cliff has now overtaken europe as the biggest threat to the u.s. economy. in other words, our homegrown storm has a bigger chance of causing a hurricane here than the actual hurricane that's blowing our way from europe. now i've been bee rat berating on this show to head off a series of tax increases and spending cuts mandated to take effect on january 1st. cong
Search Results 0 to 17 of about 18 (some duplicates have been removed)